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The Crypto Daily – The Movers and Shakers – November 25th, 2020

Bob Mason
·3-min read

Bitcoin, BTC to USD, rallied by 4.18% on Tuesday. Reversing a 0.10% decline from Monday, Bitcoin ended the day at $19,131.0.

A mixed start to the day saw Bitcoin fall to a mid-morning intraday low $18,130.0 before making a move.

Steering clear of the first major support level at $18,009, Bitcoin rallied to an early afternoon intraday high and a new swing hi $19,400.0.

Bitcoin broke through the first major resistance level at $18,730 and the second major resistance level at $19,087.

A bearish end to the day saw Bitcoin fall back to end the day at sub-$19,200 levels.

The near-term bullish trend remained intact, supported by the latest move through to $19,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $9,883 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a mixed day on Tuesday.

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Ripple’s XRP and Crypto.com Coin rallied by 12.39% and by 14.37% respectively to lead the way.

Binance Coin (+9.38%), Bitcoin Cash SV (+6.30%), and Cardano’s ADA (+8.20%) also found strong support.

Chainlink (+2.57%) and Litecoin (+0.24%) trailed the front runners, while Ethereum (-0.63%) and Polkadot (-6.82%) bucked the trend on the day.

In the current week, the crypto total market cap fell to a Monday low $515.94bn before rising to a Tuesday high $593.32bn. At the time of writing, the total market cap stood at $566.69bn.

Bitcoin’s dominance rose to a Monday high 64.75% before sliding to a Tuesday low of 60.80%. At the time of writing, Bitcoin’s dominance stood at 62.49%.

This Morning

At the time of writing, Bitcoin was down by 0.28% to $19,078.0. A mixed start to the day saw Bitcoin rise to an early morning high $19,198 before falling to a low $19,046.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Ethereum (-0.38%) and Ripple’s XRP (-4.93%) joined Bitcoin in the red early on.

It was a bullish start for the rest of the majors, however.

At the time of writing, Binance Coin and Crypto.com Coin were up by 1.43% and by 1.48% respectively to lead the pack.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $18,887 to bring the first major resistance level at $19,644 into play.

Support from the broader market would be needed for Bitcoin to break out from Tuesday’s high $19,400.0

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of another crypto breakout, Bitcoin could test resistance at $20,000 before any pullback. The second major resistance level sits at $20,157.

Failure to avoid a fall through the $18,887 pivot would bring the first major support level at $18,374 into play.

Barring another extended crypto sell-off, Bitcoin should steer clear of sub-$18,000 levels. The second major support level sits at $17,617.

This article was originally posted on FX Empire

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